Mississippi Power Co. said Monday that it wants to hold rates level for 11 months to pay off costs associated with its Kemper County power plant that have already been approved by regulators. Photo courtesy Mississippi Power
JACKSON, Miss. (AP) — A Mississippi utility is delaying proposals on how its customers should pay for an ever-more-expensive power plant even as the cost of the facility crosses $7.5 billion.
Mississippi Power Co. said Monday that it wants to hold rates level for 11 months to pay off costs associated with its Kemper County power plant that have already been approved by regulators.
The unit of Atlanta-based Southern Co. pushed back the plant's completion date until June 30, the 10th delay in 18 months.
Costs are rising $209 million because Mississippi Power needs to replace some equipment sooner than expected. Of that amount, the company will absorb $185.9 million, while ratepayers could be asked to pay $23.5 million.
Overall, customers could be asked to pay $4.3 billion. Southern shareholders have lost $3.1 billion.
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